Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,101/mo
Lowest payment- Down payment
- $209,611
- Funds due
- $219,514
- Interest + MI left
- $49,660
- First ends
- Dec 2046
Assumption
Assumption + second
$2,385/mo
+$1,284/mo- Down payment
- $34,611
- Funds due
- $45,841
- Interest + MI left
- $336,932
- First ends
- Dec 2046
New loan
New conventional
$2,526/mo
+$1,425/mo- Down payment
- $34,611
- Funds due
- $42,827
- Interest + MI left
- $461,566
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $129,389 | $129,389 | $304,389 |
| Second mortgage | — | $175,000 | — |
| First P&I | $742.94 | $742.94 | $2,107.53 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $60.88 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,100.94 | $2,385.03 | $2,526.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,611
Closing costs & prepaids$11,230
Usable credit−$0
Total buyer cash needed$45,841
Earnest money paid−$0
Remaining funds due$45,841
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$646.95
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$624.00
Prepaid interest, first (2 days)$24.25
Prepaid interest, second (2 days)$76.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 1 moOf the original 30-year loan at 3.420%
Interest already paid$50,692Through Nov 2026
Assumption only · ends Dec 2046$49,660
Assumption + second · ends Dec 2046, second Dec 2056$336,932
New conventional · ends Dec 2056$461,566